Oct
1
Secondary Market Research is Critical to Business Success

Whether you are an aspiring small business owner looking to offer a traditional product or service, or an energetic entrepreneur passionate about your new and innovative idea, drive and desire are not enough to get your business started. To start off on the right foot, potential new business owners should strongly consider conducting secondary market research to ensure the right decisions are being made from the beginning.

Key Resources to Jumpstart Secondary Market Research

Secondary market research can be broken into three areas of knowledge: the industry, the competition and the customer.

Industry analysis
This portion of research is important for understanding the industry as a whole. Questions that can guide you research are:
• What are the sales of the industry as a whole and the trends with sales?
• What policies govern the industry and how intensely does this affect business?
• What type of government funding exists to manipulate the industry trends?
Key resources include:
Statistics Canada

Industry Canada

BC stats – Business and Industry
WorkBC’s Industry Profiles

Competitive analysis
Understanding of your competition is key to distinguishing your business. Questions that can guide you research are:
• What is the size and sales of the competition?
• How do you differ or align with their target market?
• What types of issues have they encountered and can you expect the same?
Key resources include:
Industry Canada’s Canadian Company Capabilities
Financial Performance Data
Hoovers

Customer analysis
It is important to understand your customer demographics. Questions that can guide you research are:
• What is the target age, occupation, and/or economic status of your customer base?
• What do they need or want that your product/service fulfills and how much can they pay for it?
Key resources include:
Statistics Canada’s Census Profiles, the National Household Survey, and Society & Community publications
BC Stats’ Socio-economic Profiles

We have an extensive list of accelerator guides that have specific resources for your industry. Don’t see your industry? Send us an email at lib.sba@ubc.ca to recommend a new industry guide.

About the Small Business Accelerator:
The Small Business Accelerator library program, an initiative of the Irving K. Barber Learning Centre at UBC, provides free access to current, trustworthy, industry-specific resources and information for B.C. entrepreneurs and businesses. Visit our website at www.sba-bc.ca to access the right information – right now.


Women's Enterprise Center

See all posts by Women's Enterprise

Leave a Reply

Your email address will not be published. Required fields are marked *